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4 Best Whole Life Insurance Plans Singapore 2019 (Updated Oct 2019)

Here, we analyse and explore the best whole life insurance plans in Singapore 2019.

Yes, you read it, whole life insurance plans are known for their high premiums and can be a bit more complex as compared to a term life insurance. Insurance agents love to peddle whole life insurance as coverage with savings that may be surrendered later in life to supplement your retirement needs.

However, by our standards, we believe you should only consider getting whole life insurance if you want a lifetime coverage but do not wish to commit the premium for life (Limited Payment Term) or to take advantage of the multiplier feature for early stage critical illness coverage.

We select the 4 Best Whole Life Insurance Plans base on 3 basic criteria:

  • Has a multiplier coverage feature
  • Has a regular but limited payment term feature
  • Able to add early stage critical illness coverage as a rider with 100% pay-out upon diagnosis

Here are our top 4 picks base on the following features

  1. Best whole life with high income payout  – Manulife Life Ready Plus 
  2. Best whole life insurance with lifetime multiplier and pre-existing condition coverage – HSBC Life Protect Advantage
  3. Best whole life insurance with most flexible multiplier term – Aviva My WholeLife Plan III
  4. Best whole life insurance with Lifetime multiplier benefit and most comprehensive range of critical illness conditions covered – China Taiping i-Secure 
Best whole life insurance with high income payout
Manulife Life Ready Plus
Best Whole Life - Manulife Life Ready

Hailing from Canada, Manulife whole life plan is extremely attractive in the market right now. The Manulife Life Ready Plus has a flexibility multiplier benefit of 1 – 5x with a payment term ranging from 10 years to a lifetime. It has  competitive premiums across many age categories and permutations.

Hear this, premium for a 100,000 Death, Disability and Early Stage Critical Illness coverage for a 30 years-old adult can be as low as $1,200 per annum* for a limited premium payment term of 25 years. You are likely pay the same for a term policy with the same coverage till age 70.

The new LifeReady Plus new feature allows the insured to convert the cash value from your policy into annual payout, over 10 years, with additional 5% interest. Ontop of all these great features, Manulife also currently offers more critical illness condition coverage, on par with HSBC Life @ 125 Critical Illness conditions and 18 Special Conditions. Manulife also allow waiver of premium for up to 6 months if you or your spouse have been retrenched or unemployed for 30 days or more.

Here is why we like Manulife LifeReady Plus
  • Flexible limited premium payment term of 10/15/20/25/99 years
  • Sum Assured starts at $25,000
  • Part of the cash value can be converted to an annual payout with additional 5% interest over 10 years
  • Enjoy upfront premium discount due to good health for first 2 years. Continue enjoying the discount if you achieve health target for the remaining premium term
  • Multiplier benefit feature of 1/2/3/4/5 times
  • Early Stage Critical Illness Rider Covers up to 125 Medical Conditions and 18 Special Conditions
  • Free child cover for advanced stage critical illness if you have bought the early critical care rider
  • Retrenchment Benefit If you or your spouse is retrenched and unemployed for 30 days or more, 6 months of your premiums will be waived while coverage continues
What we don’t like
  • It’s hard to find any weakness in this plan now that Manulife has join in the bandwagon to offer annual cash payout after a certain period. The only downside is that the cash payout will be over a period of 10 years and will eat into the total sum assured effectively reducing the coverage amount.
  • Manulife would have been the best whole life plan if not for the New China Taiping i-Secure Whole Life Plan
  • Manulife also offer multiplier sum assured till age 70 Only
Best whole life insurance with lifetime multiplier, and pre-existing condition coverage –
HSBC Life Protect Advantage 

Best whole life insurance hsbc life protect advantageHSBC is also the only life insurer to offer an optional extension of its multiplier benefit after the age of 70 all the way till age 99 if the insured is willing to pay the additional premium to make up for the difference in sum assured after age 70.

On top of that, HSBC provides 20% sum assured payout on certain major cancer condition even in the event the insured suffers from 3 types of organ disorder, they are, Benign breast disorder; Elevated prostate-specific antigen and Uterine fibroid. Such conditions are known to result in the exclusion of the specific organ’s cancer by other insurers.

Here is why we like HSBC Life Protect
  • Multiplier Factor of 1, 2, 3, 4, 5x
  • Accept and provide 20% payout for 3 pre-existing potential cancerous conditions
  • Premium payment term of 10,15,20 & 25
  • Guaranteed Insurability Option for added protection when your responsibilities increase
  • Option to extend multiplier for life after age 70
  • One of the more comprehensive number of critical illness and special conditions covered (144 conditions)
What we don’t like
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
  • Minimum sum assured is restricted to 50,000
  • Uncertainty on the potential premiums to be paid after age 70 in order to extend the multiplier benefit till age 99
Best whole life insurance with flexible multiplier term –
Aviva My WholeLife Plan III 
Best Whole Life Aviva My Whole Life Plan II

Hold your beer! Aviva MyWhole Life Plan III is back with a more competitive package and this time, with a variety of option the allowance on the policyholder to choose a multiplier term till the age of 65, 70, 75 & 80, this makes it the most flexible multiplier term benefit in the market.

The new Aviva MyWhole Life Plan III will also allow the client to choose from a wider range of premium payment term, from single premium payment term to 5/10/15/20/25 years option.

Still, being able to provide a cash-out option in the form of a monthly income benefit any time after 65 years old gives Aviva an edge over its competitors. Aviva also allows the policyholders to add on the popular multipay ci as a rider unless you select a single premium payment term.

Here is why we like Aviva My WholeLife Plan III
  • Premium payment term option of Single Premium/5/10/15/20/25 years
  • Option to receive monthly income at a reduced sum assured any time after age 65
  • Multiplier benefit of 2x/3x/4x/5x
  • Early stage critical illness and Multipay CI II riders covers 105 medical conditions and 24 special conditions.
  • Premium waiver without any interest for up to a year if you lose your job
  • No longer the highest (because china taiping @ 86) but still has the most flexible multiplier term with option to choose till age 65/70/75/80
  • TPD coverage for a lifetime
What we don’t like
  • Restrictive minimum sum assured of 50,000
  • Although there is a partial refund in premium suppose there is no claim made after a certain number of years by adding on the Multipay CI II Rider, premium can be very expensive. May make more economic sense to just add on the early stage critical illness and advance stage ci rider instead.
Best whole life insurance with Lifetime Multiplier Benefit and most comprehensive range of critical illness conditions covered –
China Taiping I-Secure 

Best whole life insurance singapore

China Taiping has existed since 1929, ever since China Taiping entered the life insurance market in Singapore it has rolled out extremely competitive products. This time, China Taiping is truly going all out. The new Whole Life plan by China Taiping has rocked the market, replacing NTUC VivoAssure’s place in this list, infact this plan brings back the lifetime multiplier feature which was last featured on the now defunct plan Tokio Marine Legacy Lifetime.

Two main features of this plan that truly shackled it’s competitors are, first, the plan offers Multiplier till 71 and 86 (with a default feature to extend the multiplier for a Lifetime deducting cost of insurance from it’s cash value); Second, the product provides an option to add on early critical illness rider that covers 161 Critical illness Conditions, making it the most comprehensive in the industry. May we also add that the premium is extremely competitive. We are quite sure if you take away the relatively new branding of China Taiping Life insurance in Singapore, this is the Best Whole Life in the market right now, without a doubt.

Here is why we like China Taiping i-Secure
  • Choice of premium payment term option of 5/10/15/20/25 years
  • Multiplier Option till age 71 & 86 making it the highest in market with default extension to a LIFETIME (insurance charges calculated yearly based on the difference between the prevailing Basic GB and prevailing basic sum assured plus any accumulated reversionary bonus and non-guaranteed terminal bonus)
  • Early Care Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in the market)
  • Most Comprehensive Critical Illness Coverage of 161 Condition (42 Early Stage, 40 intermediate, 55 Advance Stage, 12 Special & 12 Juvenile Conditions)
  • Multiplier benefit of 1/2/3/4x
  • Extremely Competitive Premium
What we don’t like
  • Relatively new Life insurance Brand in Singapore, reputation wise may be a challenge to sell.
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
  • Minimum sum assured is restricted to 50,000
  • To keep the multiplier benefit for a lifetime, there will be cost of insurance incurred on the difference between the death benefit with bonuses and the multiplied death benefit before age 71 or 86

Once again, we have done the homework to filter out the best whole life insurance plans in the market you can look into if you’re ever considering taking up a whole life insurance plan for yourself,

Here is what you can do next.

Get all four insurers quotes for the most competitive plan here!

Our planner will draft their proposals based on your given input. Your information and details will only be used for communication with you.

All comparisons done are solely based on your individual needs.

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  1. […] Whole life insurance and term policies have been closely associated with one another. There have been many writings that have talked much about them, but so far, nothing has compared them acceptable. There are some factors through which the prospective insurance buyer can look into if they have not yet decided on whether to buy whole or term insurance.    […]

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